Polytrimethylene Terephthalate Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Polytrimethylene Terephthalate Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market for polytrimethylene terephthalate is expected to grow at a CAGR of over 4% globally during the forecast period. The major factor driving the market is the growing demand from the textile industry. On the flip side, higher production costs are hindering the market growth.

Key Highlights

• Polytrimethylene terephthalate market is expected to grow during the forecast period owing to the increasing demand from the apparel industry.
• Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the increasing consumption from countries such as China, India, and Japan.

Key Market TrendsGrowing Demand from the Apparel Industry

• Polytrimethylene terephthalate is widely used in the manufacturing of apparel and is expected to be the fastest-growing market during the forecast period.
• The growth of polytrimethylene terephthalate market in apparel industry is mainly due to its superior properties when compared to that of polybutylene terephthalate (PBT) and polyethylene terephthalate (PET) such as excellent elastic recovery, softness, and resistance to stretching and wrinkle resistance.
• PTT exhibit various superior characteristics such as ease of dyeing, elastic recovery, heat retention, resistance to stretching, wrinkle resistance, high stiffness, and UV- lightfastness.
• Owing to its superior properties such as shape recovery, color retention, and softness, the demand for polytrimethylene terephthalate from the apparel industry is expected to further grow othe forecast period.

Asia-Pacific Region to Dominate the Market

• Asia-Pacific region is expected to dominate the market for polytrimethylene terephthalate during the forecast period due to an increase in demand from countries like China, and India.
• Polytrimethylene terephthalate is mainly used in the manufacturing of apparel and carpets because of its less water absorption characteristics. The clothing has become a symbol of aspiration and personality. The consumers have shifted from need-based to aspiration-based clothing. The demand for aspiration clothing has increased which is expected to drive the polytrimethylene terephthalate market.
• As per the Ministry of Textiles annual report 2018-19, India’s textile industry contributes to 7% of industry output in value terms, 2% of India’s GDP and 15% of the country’s export earnings.
• As stated by the National Development and Reform Commission, Domestic sales of apparel and knitwear stood at around USD 172.4 billion for the first 11 months of 2019, which represents growth of about 3% Y-o-Y over the same time period in 2018.
• The aforementioned factors, coupled with growing support from the government, are contributing to the increasing demand for polytrimethylene terephthalate market in the Asia-Pacific during the forecast period.

Competitive Landscape

The global polytrimethylene terephthalate market is partially fragmented with players accounting for a marginal share of the market. Few companies include RTP Company, DuPont, Royal Dutch Shell plc, TEIJIN LIMITED and Huvis.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
Asahi Kasei Corporation
DuPont
Huvis
Royal Dutch Shell plc
RTP Company
TEIJIN LIMITED
TORAY INDUSTRIES, INC
Xianglu Chemical Fiber

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